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India Gazette
a day ago
- Business
- India Gazette
India-based GCCs emerge as global hubs for complex tax operations: Deloitte
New Delhi [India], June 14 (ANI): Global companies are now using their India-based Global Capability Centres (GCCs) to run complex tax operations, covering corporate tax, indirect tax, transfer pricing, and litigation, according to a whitepaper report released by Deloitte, a multinational professional services firm. The whitepaper said that GCCs in India have emerged as strategic hubs for tax-related functions, offering a unique blend of expertise, technology and cost efficiency. 'GCCs have become an integral part of the global tax ecosystem, providing organisations with a competitive edge in managing their tax functions,' Deloitte's white paper, titled Transforming Global Tax Functions: The GCC Advantage, added. The Indian GCC landscape has witnessed significant growth, with many organisations establishing their tax Centres of Excellence (CoEs) in the country, according to the paper, which was prepared by Manisha Gupta, Partner, Deloitte India. Global Capability Centres, or GCCs, also known as captive centres or in-house centres, are strategically located facilities established by multinational corporations (MNCs) to provide specialised functions and services to their parent organisations. The report adds that about 76 per cent of participants indicated they already undertake global tax processes from India. 'As more organisations pursue centralising tax functions, many have already established a tax CoE. The focus was on key tenets and building blocks to establish and expand a successful tax CoE,' the report added. India has emerged as a major destination for the global players. As per the official data, India is home to over 1,700 GCCs, employing 1.9 million professionals and generating USD 64.6 billion in revenue as of 2024. Key GCC hubs are located in Bengaluru, Hyderabad, Pune, Chennai, Mumbai, and the National Capital Region (NCR). The sector is projected to expand to USD 105 billion by 2030, with around 2,400 GCCs employing over 2.8 million people, solidifying India's role as a global hub for enterprise operations and innovation. With 40 per cent of digital transformation projects in GCCs, India is now a center for high-value technology-driven solutions. GCCs emerging from different geographies, viz., Germany, the UK, Japan, and Nordic countries, is another significant development observed in recent years. A significant shift towards diversification of operations, with evolution towards higher value services, is seen as GCCs in India transition from data processing to knowledge processing over the years. (ANI)
Time of India
a day ago
- Business
- Time of India
India-based GCCs lead global shift in tax operations, says Deloitte whitepaper; 76% handling cross-border functions
India-based Global Capability Centres (GCCs) have emerged as strategic hubs for multinational companies to manage complex global tax operations, including corporate tax, indirect tax, transfer pricing, and litigation, according to a whitepaper released by Deloitte India. The report, titled Transforming Global Tax Functions: The GCC Advantage, highlights how GCCs are evolving beyond back-office functions to offer high-value tax expertise, driven by a combination of deep technical capabilities, digital transformation, and cost efficiency. 'GCCs have become an integral part of the global tax ecosystem, providing organisations with a competitive edge in managing their tax functions,' the whitepaper noted, as quoted ANI. Authored by Manisha Gupta, Partner at Deloitte India, the report also points to a surge in the establishment of tax Centres of Excellence (CoEs) within Indian GCCs. The findings reveal that 76 per cent of respondents surveyed already run global tax processes from their Indian GCCs, underscoring the country's growing significance in enterprise tax transformation. 'As more organisations pursue centralising tax functions, many have already established a tax CoE. The focus is now on key tenets and building blocks for scaling these centres successfully,' the paper stated. India's GCC ecosystem has rapidly expanded, with over 1,700 GCCs employing 1.9 million professionals and generating $64.6 billion in revenue as of 2024. The sector is projected to grow to $105 billion by 2030, housing more than 2,400 centres and employing 2.8 million people. Key GCC hubs in India include Bengaluru, Hyderabad, Pune, Chennai, Mumbai, and the National Capital Region (NCR). The whitepaper adds that nearly 40 per cent of all digital transformation projects are currently being executed through these centres. The report also highlights a shift in GCC focus from data processing to knowledge processing, with newer entrants emerging from geographies such as Germany, the UK, Japan, and Nordic countries—signaling a diversification in global investment sources and functions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
